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July 03, 2016

Panama Leaks or Panama Papers

Panama Leaks / Panama Papers

English Essay on "Panama Leaks or Panama Papers"

At 5:00am on 3rd April, 2016 after the first release of the news The "Panama Papers," a story about powerful people hiding money in offshore accounts, is incredibly complicated if you're not well-versed in banking and tax law.
The "Panama Papers" were revealed after an anonymous source leaked 2.6 terabytes of data to German newspaper Suddeutsche Zeitung. Data in the leak included spreadsheets, emails, passports, and other records showing how powerful people had allegedly hidden money in offshore accounts with the help of Panamanian law firm Mossack Fonseca.
Over 200,000 companies and 14,000 clients were concerned in the leak. Prominent people such as Russian President Vladimir Putin and soccer star Lionel Messi were named in connection with the papers.[4essay.blogspot.com] About Pakistan, existing Prime Minister Nawaz Sharif's three children Mariam Safdar, Hasan and Hussain Nawaz Sharif as well as Punjab Chief Minister Shahbaz Sharif’s relatives, Senator Rehman Malik, Senator Osman Saifullah’s family and former Prime Minister Yusuf Raza Gilani’s son in the Hajj scandal are among over 200 members of the Pakistani elite is also listed in the Panama Papers as owners of offshore companies in a tax haven. Offshore accounts can be used for many reasons, such as international business transactions, but they've also been used for money laundering, financing terrorism and tax evasion.
Many of the people named in the papers have denied in the strongest terms that they have broken any laws.